You can get a airtronics mx3 for $100. Combine that with a
hitec 645MG for steering ($40) and a hitec 625MG for throttle/brake ($40) and your under your limit.
But you will also need a servo saver I think for the steering. Even though the servo's I listed are metal geared, that just means they are stronger, not bulletproof, so servo savers are still needed.
Radio:
http://www2.towerhobbies.com/cgi-bin/wti0001p?&I=LXCHA8**&P=ML
645mg:
http://www2.towerhobbies.com/cgi-bin/wti0001p?&I=LXUZ89&P=ML
625MG:
http://www2.towerhobbies.com/cgi-bin/wti0001p?&I=LXUZ87&P=ML
The 645mg is a higher torque servo that is good for steering. Fast enough for most people and definitly strong enough for the MT2. The 625MG is a higher speed servo, which makes for faster throttle action.
This is the saver I was talking about for the steering servo:
Kimbrough Saver:
http://www2.towerhobbies.com/cgi-bin/wti0001p?&I=LXS361&P=ML
The difference between most brands of servo's is the size/spline count on the output shaft. I believe some are also wired different, so you have to be careful.
The servo's and radio I listed are what I had in my HPI Nitro MT (the MT2 predecessor) and the worked well in that truck.
None of this equipment is TOP shelf, but it's also not bottom shelf either. The radio has a nice feel and layout to the screen that's on it. The servo's last quite a while as long as you plasticoat them to keep water out. I've had good and bad luck with hitec servo's, but I'm pretty certain it's because of user error.
Long story short, I had a hitec 625mg in my t-maxx for steering. I thought it was a 645mg like the box said. I was in such a hurry to install it that I didn't read the sticker on the servo itself... it only lasted about a gallon, then the board smoked. It didn't have enough torque to do the steering job. But, as a throttle servo, I've gotten many gallons through them before they get twitchy or just worn.
Good luck and remember, most questions aren't necessarily stupid...